Blog
On May 15, Costa Rica released additional documentation for reporting under FATCA 2.0. The documentation include Client Configuration Guide v 2.0, a user guide for the FATCA reporting site, and example XML files according to the 2.0 standard. These documents provide essential guidance for parties needing to file FATCA returns with Costa Rica. To review […]
The State of Washington has passed new legislation which provides an exemption for materials incorporated into and services rendered in respect to adapted housing for disabled veterans from retail sales tax. The exemption only applies to construction projects for disabled veterans approved by the United States Department of Veteran Affairs. The exemption will be in […]
The IRS released an updated FFI Agreement for Financial Institutions with FATCA obligations on December 30, 2016. Those FFIs whose agreements expired at the end of last year, and that wish to retain their GIINs, are required to renew their FFI Agreements. They can do so through the FATCA FFI Registration System. The FFIs will […]
The Spanish Tax Administration has updated its XML guidance for submitting FATCA returns. There is only one significant revision of which filers should take note. It provides a web address for the consultation of presentations made in the preproduction test environment. In order to access this page, the filer will need to have a digital […]
The Spanish Tax Administration has published additional answers to Frequently Asked Questions regarding FATCA and CRS reporting. The questions address specific circumstances – under both FATCA and CRS – in which a Financial Institution is obligated to carry out blocking of a financial account for both entities and natural persons: A Financial Institution must block […]
Jersey has posted guidance for next month’s CRS reporting. Jersey had previously released guidance in April for FATCA. This publication contains information on single or multi-jurisdictional reporting, trustee and third party reporting, and nil returns, amongst others. Jersey’s due date is June 30. As such, this publication should be reviewed by Reporting Financial Institutions to […]
Costa Rica recently published a communique on FATCA reporting. The document sets the reporting dates for 2016 information to be reporting in 2017. Reporting dates will run from May 12 to August 11, 2017. The document also provides links to the portals available for reporting, as well instructions for registration of reporters and, validation, testing, […]
The IRS has released an updated Publication 1586, Reasonable Cause Regulations & Requirements for Missing and Incorrect Name/TINs . There are a number of changes from the previous revision: More information has been provided as to when a penalty will not be imposed Where the error on a timely-filed information return relates to an incorrect […]
Regulatory analysis: A group of Republican Senators is drafting its own health care legislation, “incorporating” some provisions of the House plan. In all likelihood, the Senate version will be drastically different from the House bill. Under the amended American Health Care Act, information reporting requirements remain intact for the immediate and likely the distant future, […]
The House Freedom Caucus endorsed the MacArthur Amendment last week, bringing Republicans closer to the 216 votes they need in order for the AHCA to pass. For now, there is no reason to assume that the MacArthur Amendment will have any impact on reporting requirements beyond those contemplated in the original bill. Many are wondering […]
Regulatory and legislative updates to 1099 form requirements that took place in recent weeks. Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. Sovos documents each of these updates in its Taxport Compass portal to arm clients with the most current and accurate information and […]
France has updated its FATCA Guidance for this July’s reporting. Specific changes are highlighted in blue through out the publication, and a summary is provided on the second page. Filers should be mindful of any changes made to ensure that they will be able to send proper FATCA returns. In particular, there is guidance on […]
The Tax Administration of Liechtenstein has released a statement to inform FIs and filers that the deadline for the transmission of FATCA reports has been extended to July 31, 2017. Originally, the due date for tax year 2016 reports was June 30th.
With the 2016 tax reporting season mostly in the rear view mirror, it’s time to take a look back at the significant changes to the reporting landscape that occurred over the last 12 months. It’s also important to think about what those changes mean for the future. One thing is certain: 2016 was a year […]
The Pennsylvania Department of Revenue has revised its instructions for completing Form PA-501, Employer Deposit Statement of Employer Withholding Tax. There are clarifications and modifications to this instructions of which filers should take note: • “Gross Compensation” was clarified to mean “Total Compensation Subject to PA Tax.” • “Credits” was clarified to instruct filers to […]
The Ohio Department of Taxation (ODT) recently published new instructions which modify the way businesses request a refund when there is over-withholding. ODT still uses the Withholding Tax Application for Refund (Form WT-AR), but now limits the circumstances in which filers may use the form to request a refund. Generally, if over-withholding occurs, it will […]
The IRS’s International Data Exchange Service (IDES) has published an answer to a Frequently Asked Question regarding TIN reporting in 2018 – for Tax Year 2017 information. Beginning in 2018, Model 1 FFIs will no longer be permitted to use nine zeros in place of a U.S. TIN. Article 6(3)(b) of the Model […]
The IRS has announced that IDES will be open for the testing of FATCA files from Monday, June 19, 2017 at 8:00 AM EST until Friday, July 14, 2017 at 5:00 PM EST. The test session will be open to users who have completed IDES enrollment by Thursday, June 15, 2017 at 5:00 PM EST. […]